Save money with a low interest loan and consolidate your existing debt.

With equity loan rates generally starting at 3%-5% less than credit card rates, it simply makes perfect sense to consider lowering your interest rate through debt consolidation. In some instances, you can reduce your interest rate by more than 5%!

The amount of money you save by getting a low interest loan for debt consolidation really depends on a number of factors:

- How much money to you need to borrow?

- What is the interest rate on your current unsecured debt?

- What low interest loans do you qualify for?

- What will be the interest rate on your loan?

Additional factors such as your credit score and the state you live in also determines a great deal about how much money you can save with a low interest loan. You should definitely take advantage of an online credit report -- it's well worth the $20-$30 cost.

Fortunately, online lenders such as E-Loan Inc. can take a lot out of your loan guesswork. You can visit their web site, punch in some numbers and see what comes up for your particular circumstances. Their online forms are free and require no obligation on your part. Some of them can even qualify you in just a few minutes!

The bottom line: If the interest rates on your unsecured debt are middle to high, take advantage of a debt consolidation loan with a lower interest. I am sure you can think of a few things you could do with the money you'll save.